On a knife edge!
That’s how the court case surrounding the collapsed Kaupthing Singer and Friedlander bank has been described by Isle of Man based advocate Jonathan Smalley.
Yesterday, liquidation of the bank was again averted with a court hearing adjourned until April 9 to allow final details to be added to the Manx government’s proposed Scheme of Arrangement.
Under the scheme, payments would be speeded up and small depositors would get their money back first.
Mr Smalley says it’s no surprise there was a mixed reaction to the latest adjournment and told Manx Radio:
"We've got another adjournment (and) it's, in my opinion, turned on a knife-edge.
"If the insurance companies had supported the application by Mr Wright, on behalf of the depositors' action group, I think we would have had a liquidation.
"I said last time we spoke about this that the tide was turning in favour of a liquidation. In my view the tide is running strongly and unless they pull a huge rabbit out of the hat at the next hearing I think we will have a liquidation."
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